Legal Question in Bankruptcy in Oklahoma

home in my name, mortgage not

I am thinking about filing bankruptcy. I have a car loan with a cosigner. I have a home that was quit claim deeded to me 6 months ago by my father. There is a USDA-RHS loan on the house but the mortgage is not in my name. Would the house be considered an asset or a debt? What would happen if I filed chapter 7 bankruptcy? Will I lose my home? Or would it be exempt since it is my primary residence? The house is also subject to a subsidy recapture. What should I do? Please help!


Asked on 10/11/02, 4:04 am

1 Answer from Attorneys
Hunt John Urgentlegalcare.com

Re: home in my name, mortgage not

Thanks for your question. I would think that the answer to you question of whether the house is an asset or liability depends in large on your agreement with your father. Is he paying the loan or are you paying it based on an agreement with him to do so. Under normal circumstances a residence you own and are living in is exempt and you could keep it as long as the mortgage company is being paid. In your situation I do not have an opinion on the effect of your father giving you a quit claim deed to the property. This might trigger his obligation to pay the USDA-RHS at the time of transfer. You would be advised to consult with an attorney further on your concerns.

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Answered on 10/11/02, 2:14 pm


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